Observations...

14 March 2013

INFY looks like it made an M on 3/12, possibly with a kiss goodbye. If it bounces down off the 20 or 10, should be good for at least a $2 move.

RAX looks like it's bouncing down off the 10. $50.25-$50.75 could show support. Otherwise, it could drop all the way to $41. There's a Fib around $48.50 which could also slow it down.

RAX historically competes on service, not price. However, they've acknowledged that they're going to have to compete on price somewhat - because AMZN and GOOG are their primary competition, and both compete on price. In the last earnings call, RAX said it's focusing on using OpenStack as its primary backbone - which, if they can do that - should streamline internal processes, increase efficiency, etc. But that's a "squeeze pennies from expenses to improve the bottom line" approach, when RAX used to be in "expand and build the business (i.e. generate revenue) to improve the bottom line." When companies start scrutinizing expenses in order to keep the shareholders happy, the underlying economy can't be that great. In my opinion, RAX's moves reinforce that we're near the end of an old, tired bull market.

ATW looks like it's rolling between $49 and $55. Missed the current up move (started on 3/8). Watch for the bounce down off $55 in the next week or so. Also note that there might be a secondary support/resistance around $52.50. If so, it might be better to play the downs rather than both ups and downs.

WSM looks like it's rolling between $44 and $46.50. Currently making the down leg of its 4th or 5th roll. Remember 3, 5, and 8....

LEN looks like it's rolling between $37 and $42. It also has a secondary support/resistance line around $39.50.

OCN could be rolling $37-$41. Also has a good up-trend off the 50-day for the past 6 months or so.

EQM looks like it's making its 7th flag.  3, 5, and 8...so we should be good for one more.

WMB could be rolling $33.50-$35.50. Also historically has an up-trend, probably off the 20-day.

LO could be rolling $38.25-$40.25. Not the prettiest pattern, but it does have strong lines there.

WYNN could be rolling $116-$126. Also has a secondary support/resistance line at $121.

WLT has a beautiful huge roll from $30-$40. Also an excellent example of the power of Fib retracement lines. Notice how it hesitates around each several of them....

ARMH looks like it might be doing an M with a kiss goodbye. Since I'm in a bear put spread, I hope it's a short kiss....